European private real estate credit is capturing heightened interest from U.S. institutional investors at a pivotal moment in the credit cycle. In an exclusive interview with IREI, Tom Lloyd-Jones, CIO and co-founder of Zenzic Capital, a London-based real estate credit manager specializing in Europe’s underserved lower and middle market, discusses how Europe offers both strong relative value and meaningful diversification from domestic markets. Structural inefficiencies, including fragmented capital markets, bank-dominated lending, and regulatory constraints, create opportunities for lenders to secure attractive spreads and robust protections, while macro and real estate fundamentals differ enough from the United States to offer uncorrelated outcomes.
Zenzic Capital launched in October 2025 the Zenzic Real Estate Credit Opportunities Fund. The new European opportu
